Optimal Finance Daily - Financial Independence and Money Advice 2462: [Part 1] Wealth Advice That Should Be Obvious by Mr. Money Mustache on Best Money Saving Habits
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Sep 27, 2023 Mr. Money Mustache, a thirty-something retiree, shares wealth advice that should be obvious. Topics include wealth-building principles, utilizing windfalls, wise purchases, questioning consumerism, and prioritizing time and freedom.
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Avoid Gambling for Wealth
- Avoid gambling and lotteries if your goal is to get richer.
- These are rigged games with poor odds that financially harm players and benefit the owners.
Spend Windfalls on Freedom
- Use windfalls to pay debt, invest, or buy assets that increase freedom.
- Avoid spending windfalls on lifestyle inflation or luxury items before achieving financial freedom.
Buy Only What You Afford
- Don't buy things you can't truly afford, especially in debt emergencies.
- Affordability means not relying on credit or sacrificing financial independence.